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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Let's take a look at some of the stocks on the move today here in Europe. I'm Caroline Hepgar with Stephen Carroll, and we're joined by Bloomberg's Breaking News editor Louise Moon. Let's start by looking at easy Jet, the latest bid.
As you know, we.
Could see another big UK company maybe entertaining a US takeover.
Well indeed, yeah, so easy. Yet they say they've unanimously rejected. This is a fourth takeover bid from Castle Lake, which is a US investment firm. This was for six pounds fifty a share, so values easier at about or just under five billion pounds. But they've rejected that, saying it significantly undervalues it. They've got concerns, a few concerns, you know, centered around the deliverability of the offer. The only structure US entities have to have a local partner to take control,
which Castleake does have. So rejected, but as you say, there is still potential for this to maybe happen. They've been sparring for weeks over a potential deal, but the opposition seems from easy yet it seems to be kind of waning.
There's been a bit of a change of tone this morning.
What they've done is given Castle Lake more time to come back with an even sweeter offer, so they've got until July fifth and just over a week to do that. And they've also given them access to some materials so that they can look at those and make an offer on the back of this, So there's still potential for this to maybe go through.
Has to be said, Easier isn't making it easy.
They did reistererate you know their strength this morning they say they're high confident in their own strategy. But you know, as you say, if it happens, this would be another big London firm leaving the London Stock Exchange as and when and Alys have got you know, a few different opinions saying you know JP Morgan for example saying easier and unlikely to see he consider offers below seven one hundred pence a share, so that would be a lot higher than Castle like have just bid.
So we're waiting and seeing indeed, or we will continue to do so. Staying in London Advanced Medical Solutions. Their shares up sixteen percent at the moment.
What's going on, Yeah, absolutely surging this morning, sixteen percent. As you say, this is another M and A story and a London firm that has left the Stocke changel or will do after this comes to fruition. So they've agreed to be bought by a US firm called HB Fuller. They are best known for making adhesives. They first offered to buy AMS in late April and they've been going back and forth since then. Now this has been agreed.
A's for six hundred and fifty nine million pounds. That's a thirty percent premium to AMS's closing price just before the news broke that they were initially discussing a deal for HB Fuller. This is them wanting to push into healthcare.
They're saying that medical is a core strategic growth market for them and it will allow them to create, you know, another business unit, a fourth business unit with in their company saying what add three hundred million dollars in revenue and for AMS, as I say, the latest company to leave London, but share searching on the back of that, they are still trading below the offer price, but up sixteen percent.
Okay, lastly, talk us through the reaction to H and M's results.
Less of a positive share price reactions, shares down as much as one point eight percent this morning. This is after their second quarter earnings essentially weaker than expected. They expect sales in June to be on a part with the same month last year or the previous year. But and this is saying, actually it's kind of a tale of two halves. There's positive and negatives. On the one hand, H and M are in the middle of a turnaround, and the results this morning did show some improvements in
their profitability, so that's the positive side. On the other hand, there's this persistent weakness in their top line and that's not being restored or you know, made better.
So current trading is disappointing.
So yeah, so the questions over the turnaround efforts, if it's enough, if it's and why it's not offsetting that persistent weakness that we're seeing across retail. You know, there's a lot of competition, there's a cautious consumer, so a bit of a tail two holf An H and M slipping on the back of that second.
Quarter report, the Stock Movers Report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.